The Invesco QQQ ETF (QQQ) closed 0.60% higher on Wednesday, reflecting investor optimism ahead of chip giant Nvidia’s Q3 earnings.
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In Thursday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), jumped 2% at the time of writing, as Nvidia impressed investors with its upbeat Q3 results. The GPU provider’s robust forecast eased AI bubble fears and revived a rally in tech and AI stocks.
Overall, the QQQ ETF has declined 3.40% over the past five days, but is up 17.1% year-to-date.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Moderate Buy. The Street’s average price target of $714.94 for the QQQ ETF implies an upside potential of about 19.2%.
Currently, QQQ’s five holdings with the highest upside potential are:
- Strategy (MSTR)
- Atlassian Corporation (TEAM)
- The Trade Desk (TTD)
- Charter Communications (CHTR)
- Axon Enterprise (AXON)
Meanwhile, its three holdings with the greatest downside potential are:
Revealingly, QQQ ETF’s Smart Score is seven, implying that this ETF is expected to perform in line with the broader market.
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